The global pharmacovigilance market is expected to witness CAGR of 13.45% and is projected to reach USD 9.3 billion by 2024 from USD 3.8 billion in 2017. The key factors propelling the growth of market includes increasing incidence of adverse drug reactions (ADRs) coupled with increase prevalence of acute and chronic disease, and rising consumption of drugs. Moreover, rising demand in end-use industry owing to new drug developments further impelling the market growth. The years used for the assessment are as follows:

Historical year: 2014, 2015 and 2016

Base year: 2017

Forecast period: 2018 – 2024

RESEARCH METHODOLOGY

The research and analysis is based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;

Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys, and other secondary sources

Interacting with key opinion leaders of the market and developing data points based on interaction with them

Study of past trends in the market and their year on year Impact on the market size and share

Analyzing the collected data points

Bridging the data points to calculate the total global pharmacovigilance market and its various segments

Anticipating potential risks

Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global pharmacovigilance market

Finalizing the overall size and share of the global pharmacovigilance market

Pharmacovigilance: Improves patients care and safety in relation to the use of medicines

The global pharmacovigilance market is expected to witness CAGR of 13.45% and is projected to reach USD 9,300 million by 2024 from USD 3,800 million in 2017. The key factors propelling the growth of market include increasing incidences of adverse drug reactions (ADRs), and rising demand in end-use industry owing to new drug developments.

Pharmacovigilance science and science relates to the use of detection, assessment, and understanding to prevent the adverse effects of drugs and drug-related problems. Pharmacovigilance also incorporates a drug development process used in the monitoring of the effects of drugs after they have been approved for use. Pharmacovigilance legislations are often upgraded to clarify the roles and responsibilities of various stakeholders, strengthening of the risk-adjusted approach, improvement of transparency, and strengthening and clarification of procedures in relation to the use of PASS and RMP. This ensures the growth of pharmacovigilance market over the forecast period.

North America held the largest revenue share of the global market, owing to large production of new drugs development, along with increasing number of clinical trials in the region has led to increase in growth of the market. Moreover, rising incidences of Adverse Drug Reaction (ADRs) contribute to more than 100,000 deaths in the United States annually and is one of the leading causes of deaths. Regulator bodies are developing active surveillance approaches to assess the risk of medicine in the post-market phase of the novel products.

Asia-Pacific is expected to be the fastest growing market, due to growing number of acute and chronic diseases and increasing drug safety concerns among healthcare professionals. Growing number of clinical trials being conducted in Asia-Pacific, especially in China and India have propelled the market growth in this region. Moreover, stringent government regulations to maintain pharmaceutical industry’s quality standards have given impetus to the market in this region.

Some of the key companies operating in the market include Laboratory Corporation of America Holdings, IBM Corporation, Capgemini, ICON plc, PAREXEL International Corporation, United BioSource Corporation, BioClinica, Wipro Ltd., Cognizant,Quintiles IMS Holdings, Inc., GlaxoSmithKline, Novartis International AG, and among others.